{"id":64144,"date":"2026-07-02T16:38:19","date_gmt":"2026-07-02T20:38:19","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/dow-hits-record-as-tech-sell-off-drags-nasdaq-lower-lockheed-eyes-3-5b-maritime-deal\/64144\/"},"modified":"2026-07-02T16:38:19","modified_gmt":"2026-07-02T20:38:19","slug":"dow-hits-record-as-tech-sell-off-drags-nasdaq-lower-lockheed-eyes-3-5b-maritime-deal","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/dow-hits-record-as-tech-sell-off-drags-nasdaq-lower-lockheed-eyes-3-5b-maritime-deal\/64144\/","title":{"rendered":"Dow Hits Record as Tech Sell-Off Drags Nasdaq Lower; Lockheed Eyes $3.5B Maritime Deal"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>The <a href=\"https:\/\/stockmarketwatch.com\/indices\/dowjones\/today\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average (<a href=\"\/stock\/DIA\">DIA<\/a>) climbed 1.1% to a new record high of 52,900.07<\/strong>, while the <strong>Nasdaq Composite (<a href=\"\/stock\/QQQ\">QQQ<\/a>) fell 0.8%<\/strong> as a deepening semiconductor sell-off overshadowed a weak June jobs report.<\/li>\n<li><strong>Lockheed Martin (<a href=\"\/stock\/LMT\">LMT<\/a>) is reportedly the frontrunner to acquire Ultra Maritime<\/strong> in a deal valued at approximately <strong>$3.5 billion<\/strong>, aiming to bolster its anti-submarine warfare and naval tech capabilities.<\/li>\n<li><strong>Londian Wason New Energy Tech filed for a U.S. IPO on the <a href=\"https:\/\/stockmarketwatch.com\/exchanges\/nyse\/today\" data-internallinksmanager029f6b8e52c=\"2\" title=\"NYSE Today\">NYSE<\/a><\/strong>, with the Chinese copper foil manufacturer seeking to capitalize on the electric vehicle battery supply chain.<\/li>\n<li><strong>U.S. hiring slowed significantly in June<\/strong>, with nonfarm payrolls rising by only <strong>57,000<\/strong>, well below the 115,000 forecast, fueling investor hopes for a Federal Reserve rate pause.<\/li>\n<li><strong>The Federal Reserve released updated H.8 data<\/strong> on commercial bank assets and liabilities, benchmarking figures through the <strong>March 2026 Call Report<\/strong> and revising historical data back to early 2025.<\/li>\n<\/ul>\n<h2>Market Divergence: Dow Records vs. Tech Retreat<\/h2>\n<p>U.S. equity markets closed the session with sharp internal divergence as blue-chip strength countered a persistent retreat in high-growth technology shares. The <strong>Dow Jones Industrial Average (<a href=\"\/stock\/DIA\">DIA<\/a>)<\/strong> surged over 565 points to finish at <strong>52,870.68<\/strong>, marking a new milestone. Conversely, the <strong>Nasdaq Composite (<a href=\"\/stock\/QQQ\">QQQ<\/a>)<\/strong> shed 211.10 points, or 0.81%, as the <strong>iShares Semiconductor ETF (SOXX)<\/strong> plunged 5.6%, bringing its two-day decline to nearly 12%.<\/p>\n<p>The sell-off was particularly acute in individual chip names that have dominated 2026 gains. <strong><a href=\"https:\/\/stockmarketwatch.com\/stock\/SNDK\" data-internallinksmanager029f6b8e52c=\"19\" title=\"Stock: SNDK\">Sandisk<\/a> (<a href=\"\/stock\/SNDK\">SNDK<\/a>)<\/strong>, the top <a href=\"https:\/\/stockmarketwatch.com\/indices\/sp500\/today\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&amp;P 500<\/a> performer of the year, tumbled <strong>14.1%<\/strong>, while <strong><a href=\"https:\/\/stockmarketwatch.com\/stock\/MU\" data-internallinksmanager029f6b8e52c=\"20\" title=\"Stock: MU\">Micron<\/a> Technology (<a href=\"\/stock\/MU\">MU<\/a>)<\/strong> fell <strong>5.5%<\/strong>. Even <strong>Tesla (<a href=\"\/stock\/TSLA\">TSLA<\/a>)<\/strong> faced pressure, dropping <strong>7.5%<\/strong> despite reporting second-quarter deliveries of 480,126 vehicles, which exceeded analyst expectations.<\/p>\n<h2>Defense and Energy: M&amp;A and IPO Activity<\/h2>\n<p>In the defense sector, <strong>Lockheed Martin (<a href=\"\/stock\/LMT\">LMT<\/a>)<\/strong> has emerged as the leading bidder for <strong>Ultra Maritime<\/strong>, a specialist in underwater warfare technology. The potential <strong>$3.5 billion<\/strong> acquisition from Advent International would provide Lockheed with critical sonar and torpedo detection assets used by the U.S. and British navies. The deal could be formally announced as early as next week, though <em>Financial Times<\/em> reports that negotiations are still ongoing.<\/p>\n<p>Simultaneously, the IPO market saw a significant new entry from the renewable energy sector. <strong>Londian Wason New Energy Tech<\/strong>, a major producer of electrolytic copper foil for EV batteries, officially filed to list its ADSs on the <strong>New York Stock Exchange<\/strong>. The company, which counts <strong>CATL<\/strong> and <strong>BYD<\/strong> as customers, reported 2025 revenue of approximately <strong>$1.56 billion<\/strong> and is supported by underwriters including <strong>Cantor Fitzgerald<\/strong> and <strong>Huatai Securities<\/strong>.<\/p>\n<h2>Economic Data and Federal Reserve Updates<\/h2>\n<p>The morning&#39;s economic headline was a surprisingly soft labor market report. <strong>June nonfarm payrolls<\/strong> added just <strong>57,000 jobs<\/strong>, a sharp deceleration from May&#39;s revised 129,000. This data led traders to increase bets that the <strong>Federal Reserve<\/strong> will remain &quot;patient&quot; regarding further interest rate hikes, as the cooling labor market suggests current policy is successfully dampening demand.<\/p>\n<p>The <strong>Federal Reserve<\/strong> also issued its weekly <strong>H.8 release<\/strong>, detailing the assets and liabilities of commercial banks in the U.S. The latest report includes critical &quot;Notes on the Data,&quot; indicating that figures have been benchmarked through the <strong>March 2026 Call Report<\/strong>. These updates involve revisions to data as far back as January 2025, providing a more accurate picture of bank credit and securities holdings across the domestic financial system.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways The Dow Jones Industrial Average (DIA) climbed 1.1% to a new record high of 52,900.07, while the Nasdaq 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